Illustration by Mitchell Preffer of Decrypt.
Bitcoin and other major coins and tokens have made gains over the past seven days in what looked like a boring week.
BTC remained static on Monday, but skyrocketed on Thursday. According to CoinGecko, the price of Bitcoin is currently easily over $47,000 per coin. It rose 11% for the week.
Experts told Decrypt that the surge is due to big investors who have hoarded large amounts of cryptocurrencies and are acquiring even more cryptocurrencies this year, as well as large investors focusing on the digital asset market. It is said that the investment was made by high-tech-focused investors.
The price of the largest digital coin has fallen since 10 Bitcoin exchange-traded funds (ETFs) were approved on January 10th. This was due to a sell-off in grayscale, but it seems to have eased now. As a result, the money is returned to the asset.
The price of Ethereum (ETH) has also increased significantly over the past seven days and is currently at $2,498, an increase of nearly 9%.
The developers finally set a March 13th upgrade date for the coin’s network, called “Dencun.” It is hoped that this upgrade will be the next step in upgrading the blockchain to handle more transactions.
Other big news included Solana (SOL), the fifth largest cryptocurrency by market capitalization. On Tuesday, SOL prices fell due to network outages for the first time in a year. Once the problem was resolved, prices rose again.
It is currently trading at $109, up 11% for the week.
And privacy coin Monero (XMR) took a big hit when crypto exchange Binance announced on Tuesday that it would delist the coin. The stock soared the next day, but has struggled over the week, falling nearly 28%.
This made it one of this week’s worst performers. Current price is $119.